- Significantly, until the 1980s, no major life insurance company had failed during the working lifetime of most actuaries then in practice.
- But as with so many aspects of the life and health insurance business, the last decade was, in many respects, a watershed.
- Most of us have witnessed a revolution in the kind of products we offer, the way they are marketed, the investments made to match the liabilities they create, and the levels of profitability they generate.
- As we have seen, the failure of such institutions as Baldwin United, and more recently Executive Life, First Capital and Mutual Benefit, have made us cogently aware of this issue.
-- MICHAEL J. COWELL
1991 - SOA - MANDATED RISK-BASED SURPLUS